UK says billions already raised for “green revolution” ahead of investment summit By Reuters


© Reuters. FILE PHOTO: A British Union flag flutters in entrance of one of many clock faces of the ‘Huge Ben’ clocktower of The Homes of Parliament in central London, Britain, February 22, 2016. REUTERS/Toby Melville/File Picture


(This Oct.14 story corrects to say financiers (not bankers) in sixth paragraph)

By William James

LONDON (Reuters) – Britain’s plan for a “inexperienced industrial revolution” has already attracted billions of kilos of funding, the federal government stated on Thursday forward of an funding summit in London which is able to carry collectively a number of the world’s strongest financiers.

Authorities knowledge confirmed that funding value 5.85 billion kilos ($8.01 billion) had been delivered or dedicated since November 2020, when Prime Minister Boris Johnson launched a 10-point plan to prioritise inexperienced know-how and local weather objectives in Britain’s financial restoration from the COVID-19 pandemic.

The plan targets 42 billion kilos of personal funding by 2030 in vitality, buildings, transport, innovation and the pure setting, alongside the creation of 250,000 “inexperienced jobs”.

Britain is eager to advertise its inexperienced credentials earlier than internet hosting the COP26 U.N. local weather convention in Glasgow subsequent month, the place it should attempt to dealer a posh worldwide deal to stall rising international temperatures.

The federal government additionally desires to draw funding that may assist it acquire an edge within the developed world’s race to capitalise on demand for higher inexperienced know-how and the highly-skilled, highly-paid jobs that ought to include it.

With that in thoughts, Johnson will subsequent Tuesday host high financiers together with JPMorgan Chase & Co (NYSE:) Chief Govt Jamie Dimon and Blackrock (NYSE:) CEO Larry Fink at an funding summit in London.

The occasion, attended by ministers, business leaders and British royals, is designed to drum up financing for initiatives to assist Britain meet its local weather objectives and regenerate struggling post-industrial areas of the nation left behind by a decades-long financial concentrate on the providers sector.

($1 = 0.7307 kilos)

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